The global blockchain market is expected to grow at a CAGR of 74.1% from 2018 to reach $28,248.7 million by 2023.

Succeeding an extensive secondary and primary research and in-depth analysis of the market scenario, the report carries out an impact analysis of the key industry drivers, restraints, opportunities, and challenges. Increasing Adoption of BaaS, increasing merchants accepting cryptocurrency, and growing interest in blockchain among financial institutions are the key factors driving the growth of the global blockchain market. However, regulatory uncertainty and limited scalability is hindering the growth of this market.

The payments segment accounted for the largest share of the global blockchain market in 2017. This segment is expected to grow at a CAGR of 72.2% during the forecast period. The rising need to transfer funds directly and securely to anyone and growing demand to reduce cost of transactions is driving the growth of this market segment.

On the basis of vertical, Banking, Financial Services and Insurance (BFSI) accounted for largest share of the global blockchain market. The rising need to simplify financial transactions, increasing demand to counteract fraud, and growing interest of companies to adopt blockchain are the major factors contributing in market growth.

An in-depth analysis of the geographical scenario of the industry provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). North America is a home to various global technology companies, which makes it a dominating market throughout the world. In addition, there is greater adoption of blockchain banks, financial institutes, transport & logistics, and healthcare industries in this region.

The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 3 years (2015-2018). The key players profiled in the global blockchain market research report are Amazon (U.S.), IBM (U.S.), and Microsoft (U.S.), Ripple (U.S.), Chain, Inc. (U.S.), Earthport (U.K.), Coinbase (U.S.) Bitfury Group (Netherlands), BTL Group (Canada), and Digital Asset Holdings (U.S.).

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